In this article, we will take a look at the 15 richest hotel owners in the world. If you wish to skip our detailed analysis on the richest hoteliers in the world, the hotel industry and billionaire wealth, you may jump to 5 Richest Hotel Owners in the World.
$500 Billion Poorer
The United States may be the richest country with the most billionaires, but the wealthiest are certainly not reaching new heights this year. According to Forbes, soaring inflation and falling markets have led the 400 wealthiest Americans to lose almost $500 billion last year. All of these individuals are now worth $4 trillion, experiencing a collective decrease in their net worth by 11%. For the first time since the Great Recession, the rich didn’t get any richer as compared to the previous year. In fact, the minimum net worth to make the Forbes 400 list also fell by $200 million, to $2.7 billion.
Tech tycoons have been hit the hardest, losing $315 billion altogether. Plummeting stock prices and restricted venture capital cost 41 people to fall from their ranks this year. The largest financial drain was experienced by the Facebook mogul – Mark Zuckerberg. $76.8 billion poorer than a year before, Zuckerberg has fallen from the top 10 since the first time since 2014. Elon Musk got almost $60.5 billion richer, thanks to a rise in Tesla, Inc. (NASDAQ:TSLA) stock and round of funds for SpaceX. Musk dethroned Jeff Bezos, who faced a 27% drop in Amazon.com, Inc. (NASDAQ:AMZN) shares. All in all, it was a wild year for these billionaires, with many joining and rejoining the lists.
Richest Hoteliers in the World
All sorts of billionaires have made the World’s richest list. From software to luxury goods, e-commerce, and even beer, the sources of wealth are dynamic. Another source of wealth that has turned numerous individuals into billionaires today are hotels. Measuring an estimated $1.52 trillion in 2023, the Global Hotels & Resorts Industry is a thriving sector of the global economy. Numerous hotel owners have now become billionaires, thanks to their hotel businesses. However, their salary isn’t what’s driving the billions. A hotel owner’s salary maybe anywhere between $50,000 to $150,000, depending much on the type and size of hotel. So how do hotel owners get rich and become billionaires?
According to our research, acquisitions and expansions, developments and constructions, investments and real estate ventures, are all accountable for contributing to a hotel owner’s growing wealth. A list of hotel owners who have gotten filthy rich this way includes Bob Gaglardi, Robert Rowling, Michael Kadoori, and Lui Chee-woo. Yet others who have made it to our list include those who have inherited their wealth, such as members of the Pritzker family. All of these, and more, own some of the best hotels in the US.
Speaking of hotels, have you ever wondered who is the biggest hotel man in the world? Well, the richest hotelier of all times is none other than the famous Conrad Hilton, the founder of Hilton Hotel Chains. Hilton Hotel Chains now operate under Hilton Worldwide Holdings Inc. (NYSE:HLT). An American multinational company, the Hilton Worldwide Holdings Inc. (NYSE:HLT) is responsible for managing and franchising a broad range of resorts and hotels.
Another hotel company, managing one of the largest hotel portfolios in the world, is Marriott International, Inc. (NASDAQ:MAR). Marriott International, Inc. (NASDAQ:MAR), Hilton Worldwide Holdings Inc. (NYSE:HLT), Hyatt Hotels Corporation (NYSE:H), Choice Hotels International, and Wyndham Hotels & Restaurants are some of the largest hotel owners in the US with the biggest hotel chains. Marriott International, Inc. (NASDAQ:MAR) is also the richest hotel company in the world, with a revenue of 20.77 billion and a free cash flow of $2 billion in FY22. Other famous hotels around the world include Marina Bay Sands in Singapore, Atlantis The Palm, Dubai, Ritz Carlton, Hong Kong, Hotel Majestic Kuala Lumpur, as well as Riu Hotels & Resorts.
In order to compile our list of the richest hotel owners in the world, we took a look at the billionaires lists from prominent websites such as Forbes and Bloomberg. Next, we sorted out all the billionaires whose source of wealth was largely derived from hotels.
Steve Wynn did not make our list despite that he founded the Wynn Resorts. The reason to exclude him is because he sold the majority of his shares and resigned as chairman and CEO of Wynn Resorts. He stepped down from the position after several allegations of sexual misconduct.
Hotel owners were then listed according to their real time net worth obtained from Forbes. They are compiled in an ascending order from the least rich to the wealthiest hotel owners.
Here are the 15 richest hotel owners in the world:
15. Bulat Utemuratov
Net Worth: $2.7 billion
Bulat Utemuratov is a self-made Kazakhstani billionaire deriving his wealth from mining, banks and hotels. Utemuratov holds the Burger King franchise in his country, which has approximately 50 locations. Moreover, he has a diverse investment portfolio, which includes holdings in the mobile phone companies Kar-tel and Kyrgyzstan’s Sky Mobile, as well as the hotel sector.
14. Miguel Fluxa Rossello
Net Worth: $3.1 billion
Miguel Fluxa Rossello makes it to our list of richest hotel owners in the world with an estimated net worth of $3.1 billion. Rossello is the executive chairman of Grupo Iberostar, one of the largest hotel companies in Europe. The global tourism company and hotel group has hotels across 30 countries as well as more than 27,000 employees. Rossello also derives his wealth from his inheritance of a shoe-making business.
13. Penny Pritzker
Net Worth: $3.2 billion
Sister to billionaire JB Pritzker, Penny Pritzker makes it to our list of the top richest hotel owners with an estimated net worth of $3.2 billion. She is the only member of the Pritzker clan who has served in the White House, along with several other achievements to her name. Along with her inheritance from the Pritzker family, Penny Pritzker is responsible for having started various companies and has led businesses. Afterwards, she joined Obama’s administration as US Secretary of Commerce from 2013 to 2017. She is also the partner and fundraiser of PSP Partners, an investment firm.
Net Worth: $3.3 billion
Michael Federmann is an Israeli businessman and billionaire with an estimated net worth of $3.3 billion. He is the chairman of Federmann Enterprises Ltd., an Israeli conglomerate started by his uncle and father. The corporation is invested in real estate, defense electronics, micro-electronic materials, high-technology sectors, construction, and hospitality. Through his family holding group, Federmann holds 27% of Elbit systems (tech company), and an estimated 44% of Dan Hotels, a publicly traded hotel chain. Dan Hotels are a luxury hotel chain having 18 outstanding luxury hotels across the most prestigious Israeli locations.
11. Ji Qi
Net Worth: $3.4 billion
Having more than 20 years of experience in the hospitality industry, Ji Qi is a self-made billionaire. He is the Director, Chief Executive Officer, Executive Chairman, as well as the founder of H World Group Limited (NASDAQ:HTHT). H World Group Limited (NASDAQ:HTHT) is one of the biggest Chinese multi-brand-hotel-chain management groups. As a hotel operator and franchisor, the company is responsible for providing hotel leases, hotel operations, as well as co-development services. The corporation operates thousands of hotels under various brands according to budget and midscale segments.
10. J.B. Pritzker
Net Worth: $3.6 billion
American businessman, politician, and philanthropist, Jay Robert (JB) Pritzker has an estimated net worth of $3.6 billion. Pritzker has several venture capital and investment startups to his name such as the Pritzker Group, which he ran with his brother until 2017. One of the several heirs to the Pritzker family fortune, JB Pritzker, has an estimated net worth of $3.6 billion. Hyatt Hotels was founded by his uncle, Jay Pritzker, while his father David is credited for managing and developing the chain. His sister, Penny Pritzker, is also a billionaire who has made our list of the richest hotel owners in the world.
9. Bob Galardi
Net Worth: $3.7 billion
Number 788 on Forbes’ World’s Billionaires List, Bob Gaglardi is the founder of Northland Properties. Northland Properties is a Canadian company owning more than 60 resorts and hotels, 175 venues and restaurants, as well as 3 hockey teams. Gaglardi started his business in 1963 with only a $5,000 loan. Four years later, he established the Sandman Inn Hotel in British Columbia. In the years that followed, Gaglardi continued growing his hotels throughout Canada, while also diversifying into real estate and restaurants.
Net Worth: $3.7 billion
Serving as the managing partner of the Pritzker group, Anthony Nicholas Pritzker is one of the richest hotel owners in the world with an estimated net worth of $3.7 billion. Pritzker Group is a private equity firm making direct investments in the middle-market businesses across services, manufactured products, and health care sectors. Apart from the holdings in the Pritzker Group, the appreciation of his inherited wealth has increased his overall net worth over the years.
Net Worth: $4.3 billion
Jean “Gigi” Pritzker is another heir to the massive Pritzker family empire. Even though her source of wealth largely derives from her hotel fortunes, she is a Los Angeles-based movie producer herself. Forbes notes her estimated net worth to be $4.3 billion. Pritzker is the grandchild of AN Pritzker who created the industrial conglomerate Marmon and hotel chain Hyatt Hotels along with Pritzker’s two sons Jay and Robert. Gigi, together with her husband, also founded the Pritzker Pucker Family Foundation and the Chicago Children’s Theatre. Her family foundation has been known to donate to the arts, education, and other community-oriented profits.
6. Thomas Pritzker
Net Worth: $5.5 billion
Another heir to the Pritzker empire, Thomas Pritzker is the executive chairman of the Hyatt Hotels Corporation (NYSE:H) and the Pritzker Organization. Commonly known as Hyatt Hotels & Resorts, Hyatt Hotels Corporation (NYSE:H) is an American multinational hospitality company founded by Thomas Pritzker’s late father. The corporation manages and franchises business and luxury hotels, vacation properties, and also resorts. Pritzker, along with other family members, also holds ownership in commercial real estate through the Pritzker Realty Group and Vi Senior Living.
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Disclosure: none. the 15 Richest Hotel Owners in the World is originally published on Insider Monkey.